Do I Need A Living Trust?
A living trust is one of the most popular estate planning documents because it lets you transfer ownership while still being able to use the assets. An experienced Knoxville, TN trust lawyer from Carpenter & Lewis PLLC explains that while a trust is more expensive to set up than a will, it can have benefits for certain individuals. Here are some signs that you should consider creating a trust.
You Want to Support Someone with a Disability
If you currently help take care of someone with a mental or physical disability, whether it’s a child or sibling, you may worry about what will happen to the person after you are gone. In this situation, it may be beneficial to create a special trust. It will allow you to support the person with a disability without jeopardizing his or her government benefits.
You Have a Feeling Someone Might Contest Your Will
Unfortunately, challenges with wills are not uncommon. Things can get very complicated within a family after a family member dies. Some relatives may not feel like they are getting their fair share in a will and decide to challenge the document in court. This can slow down the probate process, so your other beneficiaries may not receive their inheritances for a while. If you believe that one of your beneficiaries may contest your will, you may want to consider establishing a living trust. These documents are much more difficult to contest in court.
You Need More Control Over Asset Disbursement
Another benefit of a living trust is that it lets you have more control over how your beneficiaries receive your assets. For instance, if you have a beneficiary who is financially irresponsible, you might not feel comfortable giving him or her an inheritance all at once. In this scenario, you may want to give your beneficiary assets in intervals throughout his or her lifetime. A trust allows you to do that.
You’re a Private Person
A will is a public document, so anyone can access it and obtain information about your finances. If you’re a private person, that might make you feel uncomfortable. If this is the case, you have another good reason to think about setting up a living trust. Unlike a will, a trust doesn’t become public record. As such, it can keep information about your assets private.
You’re Having Health Issues
People can experience serious health issues during their lifetime, especially as they get older. If you recently found out that you have a serious health problem, you may benefit from creating a living trust. In a trust, you can specify how you want your financial and medical affairs handled should you become very ill. This can give you peace of mind.
Consulting a Trust Attorney
If you are thinking about setting up a living trust, you may want to speak with a Knoxville, TN trust attorney. Living trusts are complicated estate planning documents, and you want someone knowledgeable and experienced on your side. An attorney can help you create a valid trust that clearly states your wishes.